Vosh votes through key procedures; IREN will issue convertible notes to raise funds.

Headlines

▌Wosh Passes Key Program Vote, Federal Reserve Chair Transition Enters Countdown

On May 12, local time, Kevin Wosh, the next Federal Reserve Chair nominee proposed by Trump, crossed a key procedural hurdle in the Senate. Powell’s term ends this Friday. The Senate is expected to vote on confirming Wosh as a Federal Reserve Board member, with a 14-year term, as early as Tuesday after the so-called “cloture vote” on Monday. Subsequently, lawmakers will also initiate the confirmation process for his four-year term as Fed Chair, with related votes possibly as soon as Wednesday. The Republican-controlled Senate is expected to approve Wosh as the next Federal Reserve leader. The next Fed meeting (possibly Wosh’s first as Chair) is scheduled for June 16-17 local time.

▌Bitcoin Miner IREN to Issue Convertible Notes to Raise $2 Billion

Bitcoin mining company and AI computing infrastructure firm IREN Limited announced plans to privately issue $2.03 billion in convertible senior notes due 2033 under Rule 144A to qualified institutional investors, with an additional potential issuance of $300 million. According to the terms, IREN can redeem these notes early after June 2030 if certain stock price conditions are met; if a “material change event” occurs, investors can require the company to buy back the bonds at principal plus accrued interest.

Market Data

As of press time, according to CoinGecko data:

BTC price is $81,766.75, down 0.7% in 24 hours;

ETH price is $2,340.92, down 1.4% in 24 hours;

BNB price is $672.08, up 1.0% in 24 hours;

SOL price is $97.39, up 0.8% in 24 hours;

DOGE price is $0.1113, down 1.2% in 24 hours;

XRP price is $1.48, up 0.3% in 24 hours;

TRX price is $0.3511, up 0.2% in 24 hours;

WLFI price is $0.06704, down 2.8% in 24 hours;

HYPE price is $41.95, down 2.7% in 24 hours.

Policy Updates

▌Senate Banking Committee to Hold Formal Markup on Clarity Act This Thursday

On May 11, according to Crypto in America, the U.S. Senate Banking Committee has scheduled a formal markup of the “Clarity Act,” a crypto market structure bill, for this Thursday. The final text of the bill is expected to be released before the meeting, with senators required to submit amendments by the deadline. Previously, the markup was temporarily halted due to opposition from industry figures like Coinbase CEO Brian Armstrong over stablecoin yield provisions. Most crypto firms, including Coinbase, generally accept the new draft, but some retail-facing banks are still lobbying via industry associations to tighten restrictions on “deposit-like” stablecoin interest to prevent depositor migration. Meanwhile, some Democratic senators, unhappy with potential conflicts of interest involving Trump and his family in crypto, may vote against the bill at the committee stage, making its passage in the full Senate uncertain.

▌Trump Administration Seeks Court Stay on 10% Global Tariff Ruling

On May 12, local time, on May 11, the Trump administration requested a U.S. court to stay the enforcement of a prior adverse ruling on the 10% global tariffs, to allow the federal government to continue its appeal process. The U.S. International Trade Court ruled against the new tariffs on May 8 but did not fully halt the collection. The Trump administration officially appealed on May 8. If the court grants the stay, three importers who previously challenged the tariffs will face the 10% global tariff again. This tariff was implemented in February this year. After the Supreme Court rejected most of Trump’s proposed tariffs for 2025, the government moved forward with new global tariffs under Section 122 of the Trade Act of 1974. The tariffs are scheduled to expire this July unless Congress extends them. (CCTV News)

Blockchain Applications

▌Alibaba Cloud Launches Team Version Token Plan

On May 11, Alibaba Cloud announced the launch of the Team Version Token Plan, which includes over ten multimodal models such as Qwen 3.6, Kimi-K2.6, GLM-5.1, Wan2.7, supporting multi-seat allocation and management, with three tiers: Standard, Advanced, and Premium. Users can choose flexibly according to needs. Currently, Alibaba Cloud TokenPlan is compatible with mainstream agent tools like Qoder, JVSCrew, QwenCode, OpenClaw, HermesAgent, ClaudeCode, Cursor, enabling one-click invocation within agents.

▌Kuaishou Plans to Spin Off AI Video Generation Model “Keling” at $20 Billion Valuation

On May 11, according to The Information, Kuaishou plans to spin off its AI video generation model “Keling” (Kling) at a $20 billion valuation.

Cryptocurrency

▌Circle Q1 Revenue Reaches $694 Million, Net Profit $55 Million

On May 11, Circle released its Q1 FY2026 financial report. Data shows that by the end of Q1, USDC circulation reached $77 billion, up 28% year-over-year; on-chain USDC trading volume was $21.5 trillion, up 263%. The report states that total revenue and reserve income for Q1 was $694 million, up 20%; adjusted EBITDA was $151 million, up 24%; net profit was $55 million, down 15%. Additionally, Circle disclosed that its ARC Token pre-sale financing raised $222 million, with a fully diluted valuation of $3 billion, with investors including a16z crypto, BlackRock, ARK Invest, among others. The company also announced the launch of “Agent Stack,” infrastructure for AI agents, including Agent Wallets and Agent Marketplace, supporting USDC-based AI agent payments and commercial activities.

▌Circle’s Public Blockchain Arc Completes $222 Million Token Sale, Backed by BlackRock, NYSE Parent, and Others

On May 11, Circle Internet Group raised $222 million through a pre-sale of its native token on the Arc blockchain, with a fully diluted valuation of $3 billion. Leading the round was Andreessen Horowitz with $75 million, with participation from BlackRock, Apollo Funds, Intercontinental Exchange (ICE), Standard Chartered Ventures, ARK Invest, Bullish, and more. Arc is a public chain designed for institutional finance. Circle CEO Jeremy Allaire said the company is shifting from a stablecoin issuer to a broader internet platform, entering OS and app businesses. Regarding token distribution, Circle holds 25% of the initial 10 billion tokens; 60% are allocated to network builders and participants; 15% is reserved for long-term reserves. Circle also released tools to help developers build AI agents, supporting USDC transactions and payments. This is the first publicly listed company to conduct a token pre-sale; Allaire predicts future companies will tokenize.

▌CoinShares Reports $857.9 Million Inflows into Digital Asset Investment Products Last Week

On May 11, CoinShares released its latest weekly report, showing inflows of $857.9 million into digital asset investment products last week, marking the sixth consecutive week of net inflows and the largest weekly inflow since April 24. Total assets under management rose to $160 billion.

▌Ripple Secures $200 Million Asset-Backed Debt Facility from Neuberger Berman

On May 11, Ripple’s main brokerage division obtained a maximum of $200 million in asset-backed debt financing from Neuberger Berman to expand its guaranteed financing services for institutional investors. The financing was provided by Neuberger Berman’s dedicated financial division, allowing Ripple to draw up to $200 million in phases based on client borrowing needs across stocks, fixed income, and crypto markets.

▌Michael Saylor: STRC Risk-Adjusted Return Outperforms Mainstream Hedge Fund Strategies

On May 11, Michael Saylor posted on X that the Strategy perpetual preferred stock STRC outperforms mainstream hedge fund strategies in risk-adjusted return metrics like Sharpe Ratio, with zero management fees, no performance carry, no lock-up, and daily liquidity. Saylor said STRC is part of the “Digital Credit” system, aiming to achieve better risk-adjusted returns within a controlled risk framework, enabling capital to be more efficiently allocated in the digital asset environment without typical hedge fund fees and liquidity restrictions.

▌Strategy Bought 535 Bitcoins Last Week for About $43 Million

On May 11, Strategy purchased 535 BTC at about $80,340 each, totaling approximately $43 million, achieving a 9.4% return since 2026. As of May 10, 2026, Strategy holds 818,869 BTC, worth about $61.86 billion, with an average cost of $75,540 per BTC.

▌BitMine Increased ETH Holdings by Over 26k in Past Week, Total ETH Holdings Exceed 5.2 Million

As of May 10, Eastern Time, BitMine’s total holdings of crypto + cash + “Moon Mission” assets are $13.4 billion. BitMine holds 5,206,790 ETH (up 26,659 ETH from last week), representing 4.31% of total ETH supply (about 215k ETH). It also holds 201 BTC, $200 million in Beast Industries shares, $88 million in Eightco Holdings (Nasdaq: ORBS), and $775 million in cash. As of May 10, BitMine’s staked ETH totals 4,712,917 ETH (worth about $11.1 billion at $2,366 per ETH).

▌Strategy’s Bitcoin Position Shows $4.54 Billion Unrealized Profit; Bitmine’s ETH Position Has $26k Unrealized Loss

On May 11, on-chain analyst Yu Jin monitored that Strategy (MSTR) bought 535 BTC last week at about $80,340 each, totaling $43 million. They now hold 818,869 BTC worth about $66.4 billion, with an average cost of $75,540, unrealized profit of $4.54 billion (+7.3%). Bitmine (BMNR) bought 26,659 ETH last week at about $2,331 each, totaling $6.214 million. They now hold 5,206,790 ETH worth about $120.7M, with an average cost of $3,539, unrealized loss of $62.14M (-34.1%). Additionally, 90% of their ETH (4.713 million) are staked on Ethereum.

▌Galaxy and SharpLink Launch $125 Million DeFi Fund

According to Forbes, crypto finance firm Galaxy announced a $125 million DeFi fund “Galaxy SharpLink Onchain Yield Fund,” focusing on on-chain lending, liquidity provision, and high-yield strategies. The fund is expected to launch in the coming weeks, with SharpLink contributing $100 million from its ETH reserves, Galaxy contributing $25 million, and Galaxy acting as the sole fund manager, responsible for protocol selection, position allocation, and risk management.

▌Tether Minted 1 Billion USDT on Tron Chain

On May 11, Whale Alert reported that Tether Treasury just minted 6.3B USDT on the Tron blockchain.

Economic Highlights

▌U.S. Stocks Close: S&P 500 and Nasdaq Reach New Highs; Multiple Storage Chip Stocks Surge to Record Highs

On May 12, U.S. stocks closed slightly higher, with the Dow up 0.19%, S&P 500 up 0.19%, and Nasdaq up 0.1%. The S&P 500 and Nasdaq hit new highs. Storage chip stocks continued to rise: Qualcomm up over 8%, Western Digital up over 7%, Micron up over 6%, Intel up over 3%, Nvidia up about 2%, all hitting record closing highs. Optical communication stocks surged: POET Technologies up over 26%, Applied Optoelectronics up over 24%, Lumentum up over 16%, Credo Technology up over 11%, Ciena up over 6%.

▌Bank of America Global Research: Expect Fed to Cut Rates by 25 Basis Points in July and September 2027

On May 11, Bank of America Global Research forecasted that the Fed will cut rates by 25 basis points in July and September 2027, revising earlier predictions of rate cuts in September and October 2026. (Jin10)

▌People’s Bank of China Releases Q1 2026 Monetary Policy Implementation Report: Continue to Implement Moderately Loose Monetary Policy

On May 11, the PBOC released its Q1 2026 monetary policy implementation report, emphasizing the continuation of a moderately loose monetary policy. It calls for proactive, flexible, and targeted policy measures based on domestic and international economic and financial conditions, strengthening coordination of monetary and fiscal policies, ensuring smooth transmission mechanisms, and promoting stable economic growth and reasonable price levels. It advocates flexible use of various monetary tools to maintain ample liquidity and relatively easy social financing conditions, guiding the growth of total social financing and money supply in line with economic growth and inflation expectations. It aims to improve the interest rate framework, strengthen the guiding role of policy rates, refine market-based interest rate formation and transmission, and reduce banks’ funding costs. It also emphasizes supporting key areas like expanding domestic demand, technological innovation, and small and micro enterprises, maintaining exchange rate flexibility, and preventing systemic financial risks.

▌Trump: Will Temporarily Suspend Gasoline Tax

On May 11, U.S. President Trump announced a temporary suspension of the gasoline tax.

▌Fed Likely to Keep Rates Unchanged in June at 97.7% Probability

On May 12, according to CME’s “Fed Watch,” the probability that the Fed will hold rates steady in June is 97.7%, with a 2.3% chance of a 25 basis point cut. For July, the probability of no change is 94.6%, with a 5.4% chance of a 25 basis point cut, and a 0.1% chance of a 50 basis point cut.

Gold Encyclopedia

▌Can Bitcoin Still Be Called “Digital Gold” Amid Geopolitical Crises?

During every geopolitical crisis, gold prices rise while Bitcoin prices plummet. After six tests, the label “digital gold” has never been substantiated by data. Countries hoard gold but exclude Bitcoin from reserves. For investors, Bitcoin has asymmetries: it declines with stocks but does not rise with stocks. Three structural asymmetries prevent Bitcoin from gaining safe-haven status: excess derivatives (market structure), dominance of leveraged traders (participant composition), and lack of repeated behavioral records (behavioral accumulation).

Bitcoin is not a safe-haven asset, but it is a “crisis-useful asset.” In border closures and bank failures, it can indeed serve a role. If these three asymmetries diminish, Bitcoin may no longer be a replica of gold but could become a new “next-generation gold.” Intergenerational shifts and algorithm proliferation are key factors that could accelerate this process.